The Smooth Loan Process #2010-22

I Don't Need To Read That. I Trust You.

I have a birthday coming up and for the first time in my life, I'm realizing that I'm not a part of the younger crowd anymore. Last week, I took an application and pre-approved a buyer that was born in 1989. How is that possible?!?! It will be no time at all before my oldest son would be old enough (but not responsible enough the way he's going) to buy a house. Crazy!

The thing that struck me about the 20 year old that is buying a house is that he was so impatient. He was interested to know what his payment would be. And how much money he would need for down payment. Other than that, everything else was extraneous to him. He didn't care about the loan program or why I was recommending it. He just wanted to be done with the meeting. Or so I thought.

At first, I thought that maybe I had done something to offend him or that I had not built a good rapport with him so I asked him if he would like me to explain the application documents. His response was "I don't need to read that. I trust you." I just met him that morning. We had only spoken on the phone once. I realize that I'm charming, but I couldn't let him leave without explaining the paperwork. I have a responsibility to our clients to make sure they understand what they are getting with their financing.

Then he answered a text on his phone for the fourth time since our meeting started and it hit me. The way he gets his information is very different than the way I get my information. Admittedly, I'm nearly (but not quite) twice his age. Not old by any means, but not young either. I did not have a cell phone until I was in my 20's. I had a kid before I ever sent my first email. This buyer grew up with internet, texting and cell phones. The information is more instant and mobile now. I was showing him a bunch of paper. Not his style.

I stopped the meeting. I told him I would email all of the applications documents to him and asked him to sign and fax or email back to me. His face lit up with excitement. This was more his style. I made him promise to read all of the documents that I had emailed and he agreed.

By the way, this all happened in less than 30 minutes. Kids these days...

The Smooth Loan Process lesson for today: You have to read all of your documents. There's important information there. When, where and how you read it is up to you.

Harold Perkins
Galaxy Lending Group, LLC
602-595-1233
Harold@HaroldPerkins.com